Kingdom Trust Joins the OTCXN Network
OTCXN, a blockchain-powered capital markets infrastructure company, announced that it has signed Kingdom Trust to serve as a neutral, third-party custodian of assets for trading entities and exchanges that use OTCXN technology to facilitate clearing and settlement of OTC block trades and cross-exchange trading. Kingdom Trust is the first regulated financial institution to offer qualified custody for digital asset investments like Bitcoin and Ethereum, with more than $12 billion in custody.
The biggest problem for institutions in the cryptocurrency space prior to OTCXN’s launch has been the lack of a clearing and settlement solution that eliminates trading counterparty and settlement risk while connecting all global liquidity providers and exchanges. OTCXN’s multi-custodian solution solves this problem and delivers global liquidity access with a single account at the preferred custodian of a trading desk or exchange. Kingdom Trust will play a key role in supporting the expansion of the OTCXN network by providing clients with safe and capital efficient access to this global liquidity through OTCXN’s market leading trading platforms.
“We are extremely pleased to have Kingdom Trust on board and using OTCXN’s Custodian Desk platform to support our mutual institutional clients that trade digital assets such as cryptocurrencies over OTCXN’s unique network. Kingdom Trust is one of only a few regulated US entities that offers stand-alone custody services in both Fiat and Cryptocurrencies. They stand out for their integrity, experience, state-of-the-art infrastructure and client asset protection,” stated Rosario M. Ingargiola, CEO and Founder of OTCXN.
Kingdom Trust is an independent qualified custodian with a decade of experience in the alternative asset space. As a regulated trust company, Kingdom Trust offers a regulatory compliant environment, including AML/KYC, for both domestic and international clients. Kingdom Trust takes a holistic risk management approach to its assets, combining robust segregation of responsibilities with cold storage, backed by insurance for assets held.
“By partnering with OTCXN, Kingdom Trust will be able to offer its clients the best of both worlds, i.e., the ability to 'trade hot, store cold.' The OTCXN platform, its network, and partners will offer the power of rapid liquidity to clients and markets where that has been in short supply. The combined solution leverages technology to eliminate counterparty and settlement risk, delivering benefits for all participants in the ecosystem. We are excited to play a role in this transformative approach,” said Matt Jennings, CEO of Kingdom Trust.
Unique Solutions for Custodians
OTCXN provides custodians with a proprietary blockchain-based solution for trading cryptocurrencies and other assets without counterparty and settlement risk. The solution allows custodians, at their clients’ request, to create blockchain ledger entries backed by their assets to the OTCXN platform. Once the assets are digitally reflected on the OTCXN network, they can be freely traded with any other counterparty on the network. The solution provides continuous net settlement reporting, with point-in-time snapshot features and workflow tools to support periodic net settlement movements between custodial accounts.
Unique Solutions for Institutional Trading Desks and Exchanges
Clients will access Trade Desk with an OTC Block Trading platform, which allows for institutional RFQ-based trading with any other counterparty on the network, all of whom have cleared applicable AML/KYC requirements. Trades on OTCXN execute as an atomic exchange of provable assets on the custodial blockchain ledgers in real-time, for instant clearing and settlement, with underlying assets held at the custodian, and crypto assets remaining in cold or deep cold storage. This approach to trading crypto assets that remain in cold storage, besides exponentially increasing transaction speeds, also minimizes information leakage for large OTC trades that would otherwise get recorded on the public Blockchain on a trade-by-trade basis.
Later this year, OTCXN will be launching its high-performance matching engine, LiquiMatch, as both a Dark Pool and Central Limit Order Book-style exchange for cryptocurrencies. Clients of custodians on the network will be able to access liquidity across all OTCXN trading platforms via a single account. In addition to handling native orders, LiquiMatch aggregates external exchange liquidity that is tradable without placing assets at the underlying exchanges.
OTCXN will also be introducing support for custom settlement times such as end-of-day or T+1 to support the needs of some of the largest liquidity providers. Additionally, OTCXN will be opening up its network to third-party credit and collateral providers that can provide leverage financing for institutional traders' positions, both long and short, through the provision of margin loans, coin repos, and other financial products.
OTCXN’s Solution Scales Crypto Markets
The OTCXN solution has strong appeal to custodians that hold crypto assets for institutional clients because the cryptocurrency is always held in deep, cold storage, rather than being held at an exchange or being in flight, as it is when traded over-the-counter. The OTCXN approach significantly increases safety for institutional clients and reduces administrative overhead for custodians with clients engaged in active trading. An immutable record of all transactions on a proprietary blockchain layer brings transparency and provability to facilitate the audit, fund administration and regulatory requirements of institutional clients.
“What we have created is an institutional-grade Layer 2 network, like Lightning Network, except that it operates across all crypto assets and at institutional scale and capacity,” says Ingargiola. “You simply cannot scale the crypto markets to institutional levels without removing public ledger transactions from the real-time trading critical path. OTC trades between counterparties on opposite ends of the globe are done, cleared and settled in less than a second – 1,000’s of times faster than any other platform and without any initiator risk,” said Ingargiola.
“Current crypto exchanges are true islands of liquidity that OTCXN bridges for the first time by facilitating cross-exchange trading, clearing and settlement via a single account at a custodian on the network. The technology that makes this possible eliminates holding assets at each underlying exchange, removing counterparty risks and capital inefficiencies that represent barriers to institutional adoption, as well as scaling institutional trading volumes,” added Ingargiola.
Any exchange can join the OTCXN network by placing a portion of client assets at a custodian such as Kingdom Trust.
OTCXN previously announced that it had completed the world’s first live trades of digitized US dollars for digitized Bitcoin, which cleared and settled instantly as an atomic exchange of assets with no initiator risk to either party, and where the underlying assets were held by a third-party, neutral custodian.
OTCXN is a capital markets infrastructure company using asset digitization, proprietary blockchain technology, real-time collateral management and an array of institutional trading platforms to organize global liquidity and make it tradable via a single account at a custodian on the network. OTCXN has developed the first technology platform that eliminates counterparty and settlement risk without the use of balance sheet and credit, and without becoming a counterparty to transactions. For more information, visit www.otcxn.com and @OTCXN.
Lawrence Litzky, 415-636-9041
Head of Communications
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Age, Gender, Disease Severity Impact Adherence to Long-Term PAP Therapy More Than Previously Thought19.5.2019 22:15:00 EEST | Tiedote
ResMed (NYSE: RMD, ASX: RMD) today revealed several demographic and clinical factors affect adherence to PAP (positive airway pressure) therapy, according to a study it presented at the American Thoracic Society's ATS 2019 International Conference. The study found significant differences in one-year adherence between people of different ages and disease severity levels: Men with sleep apnea are 8.5 percentage points more likely to stay adherent on PAP therapy than women. People over age 60 were 7.3 percentage points more adherent than the entire study cohort (77.7% vs. 70.4%). People with self-reported severe sleep apnea were 78% adherent at the one-year mark, compared to 70.5% of those with self-reported moderate sleep apnea, and 65.2% of those with mild sleep apnea. “Sleep specialists, pulmonologists, and primary care physicians should heed these results and ensure that their younger, female, and more mildly diagnosed patients have the proper supports to stay on therapy,” said Adam B
Workiva Named Best-In-Class Cloud Service Provider at UK Cloud Awards17.5.2019 15:00:00 EEST | Tiedote
Workiva (NYSE:WK), the leading cloud provider of connected data, reporting and compliance solutions, was named the Best-In-Class Cloud Service Provider by the UK Cloud Awards 2019 at a ceremony here last night. Now in its sixth year, the UK Cloud Awards recognise innovation and excellence in the cloud industry by showcasing leading companies, customers and individuals in the United Kingdom. Workiva was recognised for its Wdesk platform that helps organisations consolidate, connect and tag their data in a single, cloud environment so they are able to reduce risk and save time when filing reports with various regulators and other stakeholders. Workiva, the global leader in XBRL and Inline XBRL, is also streamlining how customers comply with the European Securities and Markets Authority's mandate for Inline XBRL for European Single Electronic Format (ESEF) reporting. More than 5,000 EU issuers will be required to use ESEF taxonomy for their annual financial reports, ending on or after Jan
Novaremed Presents Top-Line Results from Phase 2a Diabetic Neuropathic Pain Study of NRD.E1 at NeuPSIG 201917.5.2019 13:13:00 EEST | Tiedote
Novaremed AG, a clinical-stage Swiss biopharmaceutical company, today announced a poster presentation highlighting the top-line results from a Phase 2a (Proof of Concept) study of NRD.E1 for the treatment of diabetic neuropathic pain (DNP). The poster presentation took place at the 7th International Congress on Neuropathic Pain Meeting (NeuPSIG) in London, UK on May 9-11, 2019. “This was our first communication at a leading neuropathic pain-focused event. Novaremed’s lead drug, NRD.E1 is a non-opioid small molecule for the treatment of neuropathic pain. The results of our Phase 2a in patients with DNP showed clinically relevant treatment benefit from NRD.E1 across multiple primary and secondary endpoints, providing a strong scientific foundation for advancing the development of NRD.E1 into the upcoming global Phase 2b study in DNP,” said Sara Mangialaio, Head of R&D and Chief Medical Officer of Novaremed AG. “NRD.E1 has the potential to address a major unmet medical need in DNP.” Poste
WIN 2019 Symposium: WINnovation and Global Deployment of Precision Oncology17.5.2019 12:38:00 EEST | Tiedote
The 11th WIN Symposium in Precision Oncology will be held in Paris, France on June 23-24, 2019. ASCO® endorsed for the past 11 years, the WIN symposium will deliver an exciting line-up of speakers in Paris (France) on June 23-24, 2019 to discuss Innovation and Global Deployment of Precision Oncology. The current status of Precision Oncology across the globe will be examined with the exceptional participation of the chairmen of the event, Richard L. Schilsky, Chairman WIN Consortium(*), Senior Vice-President and Chief Medical Officer of ASCO, and Josep Tabernero, Vice Chairman WIN Consortium, President of ESMO and Director of Vall d’Hebron Institute of Oncology, Spain. Global experience will be shared: Optimizing Patient Enrollment and Efficacy of Precision Oncology Clinical Trials at UT MD Anderson Cancer Center, USA Decision Support for Precision Oncology: Evolving from Monotherapy to Genomically Informed Combinations, UT MD Anderson Cancer Center, USA The Value of Personalized Medici
Corsearch Acquires Principium Trademark Watch and Domain Services Businesses17.5.2019 11:00:00 EEST | Tiedote
Corsearch, the global brand creation, clearance, and protection leader, is pleased to announce the acquisition of the Principium Strategies trademark watch and domain services businesses, the brand protection subsidiary of Ladas and Parry LLP, a leader in global intellectual property law. The acquisition is effective immediately, solidifying and expanding Corsearch’s full-service trademark solutions offering for clients and brands globally. Principium is Corsearch’s third acquisition since becoming a standalone company in January 2018. The acquisition brings Corsearch’s employee count to more than 350 operating in 28 locations worldwide and adds valuable industry expertise and additional capabilities to Corsearch. “This is another really exciting acquisition for our business and a step forward in the evolution of Corsearch,” said Stephen Stolfi, Chief Commercial Officer of Corsearch. “Principium has provided clients with industry-leading trademark watching services for over 80 years an
CNT Among SAP’s "Best of the Best"17.5.2019 11:00:00 EEST | Tiedote
Since 2005, SAP is honoring the best of the best SAP projects yearly in Europe, Middle East and Africa. In 2018, 280 customers from 15 markets submitted their regional Gold Award-winning projects. CNT Management Consulting from Vienna won Bronze twice – together with its customers HOERBIGER and TANNPAPIER – a happy day for CNT’s CEO Andreas Doerner. "We are now on the podium for the second time with two projects – thanks to the trust of our customers." The SAP Quality Awards EMEA were presented at an exceptionally festive ceremony in Heidelberg Castle (Baden-Wuerttemberg), and only twelve SAP customers were able to take home the most wanted trophies that were presented by SAP Presidents Brian Duffy (EMEA North) and Hartmut Thomsen (Middle and Eastern Europe). The jury evaluated the projects according to the ten SAP quality principles and the question of whether the respective project could fulfill the expectations of its clients. HOERBIGER - Category Business Transformation Headquarter
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme